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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America Corporation    BAC

BANK OF AMERICA CORPORATION

(BAC)
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Bank of America Earnings Slip - Update

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01/15/2020 | 07:43am EST

By Ben Eisen

Bank of America Corp. said Wednesday that fourth-quarter profit fell 4%.

The second-largest U.S. bank by assets said it earned $6.99 billion in the quarter, down from $7.28 billion a year earlier. Per-share earnings were 74 cents, more than the 68 cents predicted by analysts polled by FactSet.

The bank had revenue of $22.35 billion, down from $22.68 billion. Analysts had expected $22.22 billion.

Bank of America's shares rose 43% in 2019, topping the broader S&P 500, as investors bet on a continued economic expansion that is boosting big consumer banks. Shares, which have risen slightly to start 2020, were down 0.2% in premarket trading Wednesday.

The Charlotte, N.C.-based lender particularly benefited from the short-lived rise in interest rates, when the Federal Reserve raised rates nine times between late 2015 and late 2018. That was because the bank was able to charge borrowers more interest without having to significantly increase payouts to depositors.

But now the Fed has reversed course and cut rates three times in recent months, forcing the bank to adjust its businesses. Bank of America paid 0.58% on U.S. interest-bearing deposits in the fourth quarter, down from 0.63% a year earlier.

Like other major banks including JPMorgan Chase & Co., lower rates boosted appetite for borrowing. Total loans and leases rose 4% from the year-earlier period to $983.43 billion.

Net interest income fell 2.9% from the year ago period, and declined slightly from the third quarter. Net interest margin was 2.35%, down from 2.41% in the third quarter, reflecting the continued low rate environment.

Noninterest income, which is less dependent on rates, rose 0.4%.

The bank's return on average tangible common equity was 15.43% in the fourth quarter, down from 16.29% a year ago

Deposits rose 4% from a year ago to $1.43 trillion, as the largest U.S. banks continue to scoop up market share.

Expenses rose about 1% to $13.24 billion.

Trading revenue rose 7% from a year earlier, led by a rebound in the fixed-income division after a dismal fourth quarter of 2018.

Write to Ben Eisen at ben.eisen@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -2.06% 32.85 Delayed Quote.-6.73%
DJ INDUSTRIAL -1.57% 28535.8 Delayed Quote.-0.01%
NASDAQ 100 -2.07% 8952.178363 Delayed Quote.5.54%
NASDAQ COMP. -1.89% 9139.30952 Delayed Quote.4.58%
S&P 500 -1.57% 3243.63 Delayed Quote.0.40%
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Financials (USD)
Sales 2020 92 151 M
EBIT 2020 38 670 M
Net income 2020 25 912 M
Debt 2020 -
Yield 2020 2,42%
P/E ratio 2020 10,8x
P/E ratio 2021 10,0x
Capi. / Sales2020 3,15x
Capi. / Sales2021 3,08x
Capitalization 290 B
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Technical analysis trends BANK OF AMERICA CORPORATIO
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 36,93  $
Last Close Price 32,85  $
Spread / Highest target 46,1%
Spread / Average Target 12,4%
Spread / Lowest Target -14,8%
EPS Revisions
Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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